U.S. Treasury Secretary Scott Bessent said on May 29 that Washington has seized $1 billion worth of Iranian cryptocurrency assets as part of its economic campaign against Tehran.
Bessent also noted that even if the U.S. lifts its financial and economic blockade on Iran, the process will be very slow.
The Treasury Department announced on May 29 that, as part of “Operation Economic Fury,” individuals and entities from multiple countries linked to Iran were added to a new sanctions list to keep up the economic pressure.
The Treasury’s Office of Foreign Assets Control, in coordination with the Commerce Department and the FBI’s Los Angeles field office, targeted a procurement network based in Iran. That network is accused of “impersonating and defrauding U.S. companies” to buy goods for sanctioned end-users like Iran’s Defense Ministry and military.
On the same day, OFAC’s latest sanctions list included eight individuals and five entities, according to Iranian state media.
Bessent said on social media on May 28 that, as part of economic pressure, the U.S. will cut off Iranian airlines from access to landing spots, refueling, and ticket sales.
OFAC also announced the same day that it had added the “Persian Gulf Strait Authority” to its Specially Designated Nationals list, intensifying sanctions and pressure on Iran.
On May 29, President Donald Trump took to social media to reiterate the U.S. stance on negotiations with Iran, saying, “I’m now heading to the Situation Room for a meeting to make a final decision.” Trump stated that Iran must agree to never possess nuclear weapons. The Strait of Hormuz must be immediately opened in both directions, free of tolls, allowing unrestricted maritime traffic, and all mines must be cleared. He added that the U.S. Navy’s blockade of the strait would soon be lifted and that ships trapped inside could begin their “journey home.”
Trump also said Iran’s “deeply buried” enriched uranium would be dug up and destroyed, with the U.S. working closely with Iran and the International Atomic Energy Agency to see it through. He added that until further notice, there would be no financial transactions between the U.S. and Iran, and claimed the two sides had reached agreement on “other matters far less significant than those mentioned above.”
However, Trump’s so-called “final decision” didn’t happen as expected. Later that day, a senior government official speaking on condition of anonymity said Trump’s meeting with his aides in the White House Situation Room lasted about two hours but resulted in no “final decision” on the Iran deal.
Iranian Foreign Ministry spokesman Esmaeil Baghaei issued a statement on the evening of May 29, saying that information exchanges between Iran and the U.S. were ongoing but no final consensus had been reached.
The statement said it remains to be seen whether the U.S. “will truly fulfill its commitments or just put on a show.” If Washington is serious, it would mean stopping the illegal activities that began weeks ago. The so-called “maritime blockade” has been illegal from the start, violating the ceasefire agreement and hindering freedom of international navigation.
